Lionel Laurent, Columnist

MiFID II Is Bloated and Flawed, But Don't Write it Off

The sequel has a more confused plotline than the original, but will take time to judge.

January 3, 2018 at 11:49 AM UTC

Lionel Laurent is a Bloomberg Opinion columnist writing about the future of money and the future of Europe. Previously, he was a reporter for Reuters and Forbes.

Trading Inside Frankfurt Stock Exchange As MiFID II Market Regulation Launched

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Hit movies often spawn remakes that try to improve on the original with better special effects and a bigger budget. Financial regulation is no different: Europe's new MiFID II rule-book, launched on Wednesday, seeks to fix its predecessor's bloopers while also updating the plot for modern viewers who don't want to see a repeat of the 2008 crisis. If MiFID I was all about promoting competition and making trading cheaper, MiFID II wants an emphasis on investor safety and transparency, taking its cue from new global standards and past excesses.

But is it actually any good?